Volvo cars names new CEO to lead automaker

STOCKHOLM (REUTERS) - Chinese-owned car maker Volvo named former MAN SE head Hakan Samuelsson as its new chief executive on Friday, replacing Stefan Jacoby who suffered a stroke last month and has been on medical leave since then.

The automaker, sold by Ford Motor Co to China's Zhejiang Geely Holding Group in 2010, has cut production this year amid a market slump in Europe, leaving it a long way from reaching ambitious long-term sales targets.

"I see big possibilities for Volvo Cars to improve profitability and increase the pace of growth, not least in China," Chairman Li Shufu said in a statement, adding Mr Samuelsson's experience would help toward these goals.